Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part II

[Sirone]

Is anyone knows about opening bank account in USA dollarsaccount with the bank in BKK, can you withdraw USA dollars and changed in thefree market or not? And how much the bank charge when you transfer money fromoverseas to BKK bank account? Or is the best way to bring cash then changed inthe free market and put the Baht in the bank Baht account? Or what is your bestreceommendation.

Cherzz

[Daveroc]

Yes it is possible to open USD accounts at Banks in Thailand. I attach a link to BBL outlining requirement.

http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Transaction%20Accounts/Foreign%20Currency%20Account/Pages/Default.aspx

If you want to withdraw funds they will be paid to you in Thai Baht. However if you are wanting to send the funds back offshore they would go in USD and not be converted to Thai Baht.

The cost of sending funds would be your own banks charge plus a local bank charge of .25% with a minium of 200 baht and maximum of 500 baht. As to which is the best method really depends on how much you intend transferring. If it is a small amount, then bring cash and shop around for the best exchange rate you can get. If a larger amount it is probably better to bring it through a system such as the Banking system for secuirty reasons.

[Sirone]

Thanks for reply, I am talking about 10,000 USA dollars ortwice more, my bank can send the money in USA dollars to me without any problem, so if I open account in Baht account whichbank give a best rate in BKK. As you said, if you want to withdraw funds theywill be paid to you in Thai Baht. So what is the best way in this case, shouldI open USA dollars account or Baht account in BKk?

Thanks for any respond

[fletchsmile]

If you're not bothered about the choice of currency, and will be converting to THB at some point anyway then just open a THB account and transfer from overseas as needed. You get the best rates anyway transferring in FCY and asking them to convert onshore in Thailand.

Thailand are probably the best in the world for dealing with THB For other currencies they're poor. Foreign currency accounts are relatively new to Thailand. As a result they come with poor interest rates, and a whole host of conditions and not to mention fees.

If you really need a USD in the region, Singapore is a much better alternative to Thailand, and not that far away. One time set up, then after that you can do most things on internet banking. Nice place to visit now and again to.

For a foreigner there's no real reason to open a USD account in Thailand, and the products are inferior to most other countries. Use THB here and keep your foreign money elsewhere. Don't think USD is covered by the bank guarantee scheme either in Thailand.

[Sirone]

Hi, I have seen Bangkok Bank will allow you open foreign currencyaccount. So what do think about that? As you said onshore, do you mean the bankI open THB account will directly change the USA dollars to THB? What about ifthey do not give good exchange rate? I am talking about 20,000 USA dollars. Areall bank give you the same exchange rate? Or not much different.

[Canada]

I find that a foreign currency account allows you to leave the money in it's original currency then exchange it as needed which may get a better rate from one day to the next. If you open a Thai Baht account you exchange the cash when it gets here...period.

[Sirone]

Thanks Canada, so what is your suggest and what bank is thebest one to open foreign account? I have seen Bangkok Bank offer to openforeign account, is that one is good or do you know any better?

Thanks to all correspond

[fletchsmile]

Thanks Canada, so what is your suggest and what bank is thebest one to open foreign account? I have seen Bangkok Bank offer to openforeign account, is that one is good or do you know any better?

Thanks to all correspond

Bangkok Bank is one of the better ones. As noted the main convenience is you can pick your rate on the day/time, as your money is here

The disdavantages are:

- Lower interest rates

- Lots of fees

- Money is not covered by deposit protection, which only covers THB deposit. Should the bank go bust your money is gone.

Worth remembering that if you are transferring decent amounts you can also wait for a day you think the rate is good, (meanwhile gaining higher interest, without various fees, and in a bank where your money is "guaranteed" safe, eg by US government). In addition you can call your Relationship Manager and ask them to get a preferential quote from their treasury department, which will beat any counter rate, and more akin to wholesale. Don't know what Bangkok Bank's amounts are for this, but would expect USD 10k up at least before they'll do that for you, but worth checking.

So for me - leave it offshore, have it safe, earn more interest, transfer in bulk and get them to quote you via their treasury department

Admittedly is simpler with a USD account here if small amounts only, and you don't mind the fees and risk.

[12DrinkMore]

Yes it is possible to open USD accounts at Banks in Thailand. I attach a link to BBL outlining requirement.

http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Transaction%20Accounts/Foreign%20Currency%20Account/Pages/Default.aspx

If you want to withdraw funds they will be paid to you in Thai Baht. However if you are wanting to send the funds back offshore they would go in USD and not be converted to Thai Baht.

Rubbish.

You can receive paper USD's in your hand, or have the funds transferred to a THB account or have the funds converted to THB and handed to you in paper THB's.

You can also deposit paper USD's into the account (and presumably any other currency via some cross-rate)

[fletchsmile]

....

You can receive paper USD's in your hand, or have the funds transferred to a THB account or have the funds converted to THB and handed to you in paper THB's.

You can also deposit paper USD's into the account (and presumably any other currency via some cross-rate)

Does that also attract fees with each deposit/ withdrawal? The early versions in many banks did. Wondered if it had changed ... will eventually as they become more common.

[12DrinkMore]

....

You can receive paper USD's in your hand, or have the funds transferred to a THB account or have the funds converted to THB and handed to you in paper THB's.

You can also deposit paper USD's into the account (and presumably any other currency via some cross-rate)

Does that also attract fees with each deposit/ withdrawal? The early versions in many banks did. Wondered if it had changed ... will eventually as they become more common.

My account is with the Bangkok Bank.

Unfortunately if you withdraw or deposit physical USD's they charge 1%, but transfers to THB accounts (and I believe THB withdrawals) do not take this hit.

IME banks rarely reduce any charges or fees, so don't hold your breath.

[KHR1010]

Hi, I have seen Bangkok Bank will allow you open foreign currencyaccount. So what do think about that? As you said onshore, do you mean the bankI open THB account will directly change the USA dollars to THB? What about ifthey do not give good exchange rate? I am talking about 20,000 USA dollars. Areall bank give you the same exchange rate? Or not much different.

It sounds like your best option is to open a local Thai bank account. Go with Bangkok Bank, Siam Commercial, or Kasikorn Bank, in my opinion the better banks here. When you transfer the USD it will be converted to THB upon receiving the wire. This transfer will happen with in the banking system, and this internal transfer is the best rate you will get. Since you are talking about a relatively small amount of money I would not go to any great pains to make this transfer as the net time spent versus money saved will not be worth it.

[Canada]

Thanks Canada, so what is your suggest and what bank is thebest one to open foreign account? I have seen Bangkok Bank offer to openforeign account, is that one is good or do you know any better?Thanks to all correspond

My relationship with Bangkok Bank has been good. Someone mentioned fees.... I don't recall large fees, and I don't keep the money in that account long enough to consider interest. If I were to consider interest rates... I wouldn't keep it in a baht account either, although they have been trying to entice with short term "higher interest" term deposits in the last 6 months or so. As someone else said, for a one time transfer of not much money, just open a regular account and transfer into it.

Edited November 26, 2011 by Canada

[Sirone]

Hi 12DrinkMore and Canada,

As I understand you can open USA dollar’s account withBangkok Bank, and wire the USA dollar’s from anywhere to your bank account , andif you withdraw physical USA dollar’s from your account they charge 1% , whichis not high fee. And change in the free market if a better rate. Or open THBaccount in the same time with the same bank and if good rate from that bank, theycan change for you and put in your THB account without any fees.

Thanks